Wednesday, April 09, 2008

Global warming's riches

For those who suspect that the real issue in global warming is who gets to control the "billions of dollars," possibly "trillions," to be spent, this Reuters article provides supporting evidence:

BANGKOK (Reuters) - Developing countries and environmental groups accused the World Bank on Friday of trying to seize control of the billions of dollars of aid that will be used to tackle climate change in the next four decades.

"The World Bank's foray into climate change has gone down like a lead balloon," Friends of the Earth campaigner Tom Picken said at the end of a major climate change conference in the Thai capital.

"Many countries and civil society have expressed outrage at the World Bank's attempted hijacking of real efforts to fund climate change efforts," he said. ....

As well as the obvious arguments about how much money will be needed -- some estimates run into the trillions of dollars by 2050 -- rich and poor countries are struggling even to agree on a bank manager.

At the week-long Bangkok conference, the World Bank pushed its proposals for a $5-10 billion Clean Technology Fund, a $500 million "adaptation" fund and possibly a third fund dealing with forestry.

However, developing countries want climate change cash to be administered through the existing United Nations Framework Convention on Climate Change (UNFCC), which they feel is much less under the control of the Group of 8 (G8) richest countries.

With any luck, international bureaucrats will do as well with global warming as they did with oil-for-food.